OMG Network is heading the crypto charts with double-digit gains, despite a sharp decline in prices across the broader market. Bitcoin recorded a sharp decline yesterday, and it is currently trading at $42K. Bitcoin’s trend has caused price dips for most coins that are now trading in the red zone. However, OMG has gone contrary to this trend, and it is creating new highs.
OMG is trading at $10.68 at the time of writing after a 21.6% gain in 24 hours.
OMG Price Analysis
OMG has been on an upward trajectory, pushing the coin’s monthly gains to beyond 70%. The gains made in the past 24 hours have also enabled OMG to create new monthly highs.
If the coin continues making gains, we could see it testing the upper resistance of $12. The coin had tested the level of $11 but failed to hold, and we could see this price action happening again if the bullish sentiment holds. Once the coin breaks past $12, the next target will be $15.
Despite the gains, the overall market is still bearish. If buyers fail to support OMG, it will give in to the bearish pressure that will push the coin to test the lower support level of $8. The coin was trading at around these levels before the 24-hour bull run; hence lack of support could make the coin consolidate here.
The OMG Network has strong use cases that could aid in the coin’s price appreciation. The network provides an Ethereum layer 2 scaling solution that increases the speed of processing transactions and lowers fees. The OMG Network also offers smart contract capabilities; hence it could be a major hub for decentralized finance projects looking for scalability and innovation.
Where to Buy OMG
If you want to buy OMG during the current bulls, you can create an account on the following exchange platforms:
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You can buy OMG from OKEx. OKEx is one of the largest cryptocurrency exchange platforms. OKEx supports a broad spectrum of cryptocurrencies and trading pairs, making it easy for a trader to diversify investment portfolios.
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